Public Housing Revitalization: Building Communities Together
April 21, 2015 The Lyceum, Hartford, CT
This IForum produced with the support of STATE-SPONSORED HOUSING PORTFOLIO REVITALIZATION Woodcrest Elderly Housing, LP (non-profit for the Somers HA) Woodcrest Elderly Housing
DEVELOPMENT TEAM: Developer - Somers Housing Authority Architect - Henry Schaedler Consultant - Real Estate Diagnostics Contractor - Alca Construction
Before FUNDING: DECD/HUD Home Funds - $3.3M Federal LIHTC Proceeds - $301k Federal Home Loan Bank - $400k
After Hales Court Housing Associates, LP (Non-profit for the Westport HA) The Villages at Hales Court (fka Hales Court)
DEVELOPMENT TEAM: Developer : Westport Housing Authority Architect: Gilley Design Assoc Arch Consultant: Millennium Real Estate Svcs. Contractor: Distinctive Homes of CT
FUNDING: LIHTC Proceeds - $13.2M CHFA Loan - $12M DECD Home Funds - $3.5M
After
Before Allen O’Neill Homes, LLC (non-profit for the Darien HA) The Heights at Darien (formerly Allen O’Neill Homes)
DEVELOPMENT TEAM: Architect - William Crosskey Developer – AON, LLC Consultant - New Castle Housing Ventures Syndicator - PNC Real Estate Capital Before
FUNDING: $21,249,000 – LIHTC Proceeds $ 4,292,500 – DECD Home Funds $ 5,914,200 – FHA First Mortgage
After New London Communities LP (non-profit for the New London HA) Homes at Pride Point (FKA Bateswood)
DEVELOPMENT TEAM: Developer – New London Communities, LP Architect – URS Corporation Engineer – URS Corporation Consultant – Real Estate Solutions Contractor – Carabetta Brothers
Before
FUNDING: $7.6M – LIHTC Proceeds $5.6M – CHFA 1st Mortgage $6M – DECD Housing Trust Fund
After New London Communities, LP (Non-profit for the New London HA) Homes at Progress Point (FKA Briarcliff)
FUNDING: DEVELOPMENT TEAM: Federal LIHTC - $7.7M Developer–New London Communities, LP Developer/Investor Cash Architect – VMY Vatois Architects Equity - $1.7M Engineer – URS Corporation CHFA Bond Proceeds - $4.1M Consultant – Real Estate Solutions CHFA Next Steps - $4.6M
Before After KR Corbin/Pinnacle Holdings, LLC Corbin Heights/Pinnacle Heights Extension
DEVELOPMENT TEAM: Developer: KR Corbin Pinnacle Holdings, LLC Architect: Paul Bailey Architect, LLC Engineer: TO Design, LLC Contractor: Haynes Construction
FUNDING: Before Total Development Cost: $80.6M DECD Funds: $15.0M Owner Equity: $0.65M 9% LIHTC Proceeds: $40.0M CHFA ITA Funds $19.2M CPS/CHFA Funds $ 3.88M
After RHA LP (non-profit for THE RIDGEFIELD HA) Ballard Green
The Ridgefield Housing Authority, through their non- profit applied for funding for all of their properties as a whole; subsequently, the Elderly and the Congregate remained in the State Housing Portfolio and the Affordable and Mod Rental Units were taken out of the state program.
FUNDING: Before $3.2M - State Bond Funding Total $929k – LIHTC - Total $2.5M Construction Loan - Total $600k – Owner Equity – Total $400k - Grant from AHP
DEVELOPMENT TEAM RHA Limited Partnership REDI- Development Consultants After Henry Schadler Assoc, PC- Architect Naek Construction co. Inc.- Contractor Glastonbury Housing Authority Village Green SHRP Funding
Before Funding Development Team $3M – SHRP Funding Architect: Capital Studio Architects $608K – Reserves Contractor: PAC Group, LLC $500,000 HTCC $92k – CL&P
AFTER Wethersfield HA Highview Terrace SHRP Funding
BEFORE
AFTER Development Team Architect: J. Associates Architects Funding Contractor: BRD Builders $642,828 – SHRP Funding $341,416 – Reserves $258,797 – CL&P Enfield Housing Authority Mark Twain Congregate SHRP Funding
Before Funding
$1.6M-SHRP Funding Development Team $496K-Reserves Architect: Capital Studio Architects Contractor: BRD Builders
After Middletown Housing Authority Sunset Ridge, Santangelo Circle & Rockwood Acres SHRP Funding
BEFORE Development Team Funding Amaya Architects, Architect $3M-SHRP Funding J. D’Amelia & Associates, Consultant $2M-Reserves Gibralter Construction, Contractor
AFTER Sprague Housing Authority Shetucket Village 1st Year $30M
Before Development Team Paul B. Bailey - Architects Mattern Construction – Contractor After Funding $2.2M – Governor’s 1st year $30M Sharon Housing Authority Sharon Ridge 1ST Year $30M
After Before Funding $56,000– CL&P-Utility Incentives $56,000 – Project Reserves Development Team $745,000 – 1st Year $30M Funds J. Associates – Architect Women’s Institute – Consultant Kenneth L. Thomas, LLC – Contractor Bristol Communities LP (Non-profit for the Bristol HA) Dutton Heights
Before
Funding After LIHTC - $4.1M CHFA TEB Funds - $6M Development Team Flex Funds - $4.8M CEI Investment Corp - Developer Crosskey Architects - Architect Acorn Consulting Engineers - Engineer